Morningstar: we select themes based on equity research

Morningstar, like Bloomberg, expanded its presence in the structured products market in 2022, with five of its decrement indices appearing across 33 products in France, Finland and Sweden. The indices which include the Morningstar DM Europe Large-Mid Oil & Gas Decrement 50 Point Index and Morningstar Eurozone 30 Basic Resources Banks Energy Decrement 50 GR EUR Index which sold US$60m and US50m, respectively, also had a thematic profile. The way we classify thematic under our index offering